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UK economic recovery will be slow, OECD warns

Centre for the Study

based in Paris, said the global slowdown, the crisis in the eurozone and a government program to reduce the deficit will slow the British economy

important Western economic institute said that the economy would shrink Britain today for less than feared this year, but warned the recovery would be slow and uncertain in a worsening international.

In its biannual forecast, the Paris-based Organization of Economic Cooperation and Development said that the global economic slowdown, the eurozone crisis, the government's program of deficit reduction and debt paying consumers, while acting as a brake on growth.

The OECD said it expected the British output is expected to contract 0.1% this year, a forecast less pessimistic than the contraction of 0.7% which had declined in August before the new expansion of 1% of the activity in the third quarter of 2012.

"Growth is expected to recover gradually and build momentum towards the end of 2013, exports and consumer spending collect confidence is restored," the research center said in its outlook economic.

The OECD, which has 34 members, rich countries, added: "Although employment grew strongly in 2012, unemployment is expected to increase slightly in 2013, the recovery continued uncertainty can make small firms are reluctant to hire. "

Health Assessment In the UK, the OECD said George Osborne would support if the weak economy forced to delay its plans to reduce debt.

The independent Office for Budget Responsibility is expected to report next week that Osborne will need new austerity measures to hit its target of reducing the public debt as a proportion of gross domestic product in 2015-16 . The OECD said the chancellor should allow stabilization mechanisms designed to operate in support of the application, even if it means slipping into their plans.

• "With the budget deficit and public debt remains high, the policy of fiscal consolidation is appropriate to ensure the sustainability of public finances," the outlook said. "In the case of weaker growth than expected, the flexibility of the tax office must be used to allow the automatic stabilizers to continue to operate, although it may involve pushing the target debt."
added that the continued weakness in the global economy - is expected to continue over the next two years - with "deep but necessary" deficit reduction acted as a brake on growth. A decline in the value of the pound was unable to rebalance the economy due to the crisis in the euro zone has affected exports.

Although the OECD said low wage increases and working part-time employment losses are limited, said he was concerned about the high level of youth unemployment and said it could worsen if the economy staggered. The unemployment rate is expected to increase 8.3% in 2013, in a context of growth of 0.9%. The growth rate is expected to increase 1.6% in 2014.

chief economist Pier Carlo Padoan OECD, said: "After five years of crisis, the global economy is weakening again," adding that the risk of a "contraction great news "not be ruled out.

"The U.S. economy is growing, but the performance is still below what was expected earlier this year. A slowdown has appeared in many emerging countries, partly reflecting the impact recession in Europe, "said Padoan.

The school was concerned that many members of the rich countries were at or below the "critical speed", a slowdown in economic activity in the past of a recession come. It is believed that the pace of growth will slow from 2.2% to 2% in the United States in 2013, Japan's expansion will decrease from 1.6% in 2012 to 0.7% in 2013 and the Eurozone will be a second consecutive year of decline in output of 0.4% in 2012 and 0.1% in 2013.
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